The top NFTs had a spike in trading volume and sales despite the turmoil in the crypto industry due to the FTX collapse.
The collapse of the Sam Bankman-Fried empire has led to the extreme of the current bearish trend. The Total Crypto Market Cap, as per TradingView, is down by more than 16% from the October closing. The price of the leading crypto – Bitcoin, is also down by around 18%.
The Spike in NFT Volumes
According to data from DappRadar, the volume and sales of four out of the top five NFT collections had significant gains in November. Most notably, the NFT collection from Yuga Labs, namely, Bored Ape Yacht Club (BAYC), Crypto Punks, and Mutant Ape Yacht Club (MAYC), are going bonkers. On Nov. 26, BAYC recorded the highest sales in the last six months. The community speculates if this is the beginning of the NFT bull run.
The Developments in the Ape Ecosystem
The rise in sales and volume of the NFTs in the Ape ecosystem is also accompanied by the increase in the price of ApeCoin (APE). APE is the governance token adopted by Yuga Labs. It lets holders participate in the Ape DAO. The coin has pumped nearly 50% in the past three weeks.
The most notable development in the ecosystem is the announcement of APE staking by Horizen Labs. The open-source staking contract will also allow other protocols or exchanges to launch APE staking. ApeCoin holders can participate in the staking; however additional pools are available for the NFT owners in the APE ecosystem.
The spike in the APE ecosystem is likely due to the community’s accumulation of NFTs and tokens to make the most from the staking rewards. Further, on the occasion of Thanksgiving, BAYC dropped a cryptic tweet stating, “The Trial begins this Christmas.” The Ape community is excited and speculates various theories on what could be cooking
Got something to say about the spike in top NFT volumes or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
